DBRS Assigns Provisional Ratings to Institutional Mortgage Securities Canada Inc., Series 2014-5

DBRS has today assigned provisional ratings to the following classes of Commercial Mortgage Pass-Through Certificates, Series 2014-5 issued by Institutional Mortgage Securities Canada Inc., Series 2014-5.

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (sf)
-- Class G at B (sf)
-- Class X at AAA (sf)

The collateral for the transaction consists of 41 fixed-rate loans secured by 55 properties. The 41 loans in the transaction amortize for the entire term, where the average term length is five years. The majority of these loans (44.9%) have approximately 20 years to 25 years of remaining amortization. In addition, 75.4% of the pool (by dollar balance) has partial or full recourse to the respective sponsor.

A cash flow underwriting review of 41 of the 55 loans in the transaction was completed by DBRS, resulting in a DBRS weighted-average term debt service coverage ratio and debt yield of 1.42x and 9.7%, respectively.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is CMBS Rating Methodology (January 2012), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.